Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Create a free website or blog at WordPress.com. Downtown, across from Enron's gleaming corporate headquarters at 1400 Smith St., an unfinished $200 million, 40-story tower designed to be Enron's twin building sits like a shell. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. He's been on the defense witness list, but he would almost certainly take the Fifth if called. So he then married Melanieand she quit her job as an exotic dancer. Custom-designed vacations packaged by a company that does trips for the likes of Lyle Lovett and "Survivor II's" Keith Famie. Pai obtained both his B.S. From March 1997 until January 2001, he was CEO of Enron Energy Services and from February 2001 until June 2001, he was CEO of Enron Xcelerator, a venture capital division of Enron. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. As long as they stay in the shadows they are. When Lou's wife found out about the pregnancy, she filed for divorce. Required fields are marked *. Pai obtained his Bachelor of Science Degree and Master of Science Degree in economics from the University of Maryland, College Park where his father was a professor. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. 135 Followers, 188 After, 10 Posts - See photos and videos from Instagram Melanie Fewell (@melaniefewell9) After learning about the problem, Pai's wife, who is over 20 years old, Lanna, with whom she has two . Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. "Exhilarating," "freewheeling," "innovative," in the words of one 30-year-old who leaped three titles in three years. A $7.1 million apartment in the Huntingdon -- Houston's finest apartment building -- where camera crews routinely sit outside and the Lays' neighbors now grumble that their dinner guests are practically patted down by security before being allowed to enter the building. Baxter adored boats. There have been no reports of him being sick or having any health-related issues. At age 51, she manages a family cattle ranch in northern New Mexico, and is also a director of a company that sells water-purification systems to developing countries. ", Pai, 59, continues to live in Houston with the ex-stripper -- now his wife -- and is considering launching a small energy business, according to his lawyer. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. In his college years, Lou was considered a mathematical genius. and/or its affiliates. Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. Sherron Watkins, Enrons former Vice President of Corporate Development. "And it was fun because it took about two minutes to do a deal.". Evil chink. Pai worked for the federal government in the 1970s before joining Enron. Layfounded Enron with the merger of two regional natural gas pipeline companies and, during the subsequent 16 years, transformed the Wall Street darling into Americas most famous example of corporate greed and corruption. They also have also generously given to the sport of dressage in the US and sponsors dressage shows, including the $5,000 Canaan Ranch Pas de Deux held at the EEMI Dressage Show. We will update this section when the information is available. You won't see him hanging around the courthouse. Press J to jump to the feed. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Lay -- who also divorced his first wife and is married to his former secretary -- spent his money in Aspen, where he bought three homes and one lot. After their child was born they moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq. He became one of (eventual) CEO Jeffrey Skilling's top lieutenants, primarily tasked with detailing and implementing Skilling's vision of transforming Enron into a de facto energy commodities-trading firm. The Stray Season 2 - Is It Renewed Or Cancelled? Pai's frequent strip club visits during his time with Enron led to an affair with stripper Melanie Fewell (who was also married), and resulted in a pregnancy. His wife, Lea, also worked at Enron, where she was an assistant treasurer; she was sentenced to a year in prison. . Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Women have paved the path for upcoming generations by shattering barriers and dispelling misconceptions and showing the world that they are capable of doing more than just being wives or mothers. Disclaimer. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. More recently, Pai and his family have moved to Wellington, Florida. The one he's keeping? Melanie Fewell, Lou Pais wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. CARTER SMITH). Socialnomics: The Social MediaRevolution. Lou, during his Enron time, used to visit a strip club, and his affair story began there with stripper Melanie and which led to Melanie being pregnant. Formed in 1985, Enron rose to prominence throughout the 1990sas an energy supplier and trading powerhouse with far-flung holdings including natural gas pipelines and utilities. Another time, it was off-road racing in Land Cruisers in the Australian outback. Despite a reputation for being extremely introverted, taciturn, and reclusive around the office, Pai also came to symbolize the legendary lavishness and excesses of Enron's corporate culture. They later moved from Sugar Land, Texas, to Middleburg, Virginia, and opened a second Canaan Ranch there, but as of 2014, it is up for sale. So the group bought a Bridget Riley and a Bill Viola projection piece, the Oldenburg and an important Mark Puryear titled "Bowers" that went for nearly $700,000 at auction. Pai's frequent strip club visits during his time with Enron led to an affair with stripper [24] Melanie Fewell (who was also married), and resulted in a pregnancy. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. Lou Pai was born in Nanjing, China in 1946 and moved to the United States with his family at the age of two. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. His wife, upon finding out about it, filed for divorce. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. rollings.us. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. Two decades later, the companys name is still invoked in shorthand by policymakers and average Americans alike when talking about corporate greed and fraud. "If I met with investors, if I came to Boston, I'd have to lie too much," Whalley responded, according to Fastow. Do Not Sell. Davis, a Democrat, blamed Enron for gaming Californias power market and contributing to the blackouts that roiled the state. In fact, it is this relationship that prompted his 2000 divorce, whose settlement required the highly fortuitous unloading of most of his Enron stock before the price began to tumble. Photographer: F. Carter Smith/Bloomberg, Gray Davis speaks at an anti-recall rally in San Jose, California, in 2003. And though he has been on the defense witness list for Skilling and Lay's trial, it seems highly improbable he will take the stand in Houston. and M.S. Watkins is now executive in residence at the McCoy College of Business at Texas State University and teaches a course at UNCs Kenan-Flagler Business School, she told Bloomberg News. And former chief financial officer Andrew Fastow, who loved art, wanted Enron's corporate collection to rival any business's. Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. Pai, 59, continues to live in Houston with the ex-stripper -- now his wife -- and is considering launching a small energy business, according to his lawyer. So now Skilling resides in a mammoth Mediterranean-style home with a tile roof, and he's engaged to Rebecca Carter (the one known as Va Voom), who under Skilling was promoted to executive secretary to Enron's board of directors at a salary of $600,000. Pai's frequent strip club visits during his time with Enron led to an affair with stripper Melanie Fewell (who was also married), and resulted in a pregnancy. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. These topics have nothing in common apart from a sort of odd orthographic. Although Melanie Fewell's actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. The South African Gas Development Company. She is a believer in Christianity religion. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. Most stock quote data provided by BATS. Pai was born in Nanjing, China and came to the US at the age of 2. All of which raises the question: What's happened to the architect of these businesses -- Rebecca Mark, whom FORTUNE named one of the 50 Most Powerful Women in Business in 1998 and 1999? Here are some interesting facts and body measurements you should know about Lou Pai. The best of Latin America and the Hispanic world. Your email address will not be published. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Working as a McKinsey consultant, Skilling came up with the idea that transformed Enron from a gas company to a broker of natural gas contracts between producers and wholesalers. When it filed for bankruptcy on Dec. 2, 2001, it was at the time the largest-ever Chapter 11 case in history, costingshareholders billions and leaving thousands of people pensionless and out of work. They lived a life of perks and privilege, and they knew it. Eventually nicknamed "rank-and-yank," the system inspired all sorts of internal drama and sabotage. When the bankruptcy occurred in December, more than a dozen pieces had been collected, costing in the millions, and the committee was in the process of reviewing proposals by artists for solicited pieces as well. We will update this section once this information is available. A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. See the complete profile on LinkedIn and discover Melanie's . They weren't fourth-generation Houstonians -- which is basically what it takes to get into the Bayou Club. A Muddled Display Pre-printed invitations to local charity events are still arriving in the best Houston mailboxes with Ken and Linda Lay listed among the hosts. Some of the absent executives might offer benign accounts of what really happened, but they aren't likely to appear for the defense either -- most would likely take the Fifth Amendment unless the government grants them immunity from prosecution, which isn't going to happen. Enron executives -- particularly Fastow -- envisioned this collection as one that would be mentioned in the same breath as those held by companies like Chase Manhattan and Paine Webber. (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). "Yeah, that was a little dirty," Delainey says Whalley remarked. That is.inside the office. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. Despite being one of the companys top executives, the cause of his leaving is still unknown; theories range from a quarrel with Jeff Skilling to a desire to found his own business. Sign up to receive our content. "That's what any lawyer would advise. After serving as the FBIs general counsel under director Robert Muellerand then chief of the Justice Departments Criminal division, he became a lead prosecutor forSpecial Counsel Muellers investigation of Russian interference in the 2016 election. Lay loved real estate ventures. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. Pai left Enron with over $280 million after selling a substantial amount of his shares. According to Bethany McLean's amazing book on the rise and fall of Enron titled "The Smartest Guys in the Room": "Only two things seemed to motivate Lou Pai. It was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. He also exercised several hundred thousand Enron options. Bloomberg Its been 20 years, to the day, sinceEnron Corp.filed for bankruptcy,marking one of the most spectacular financial collapses in history and forever cementing its legacyas the poster childof corporate fraud. Pai joined Enron in 1987, when it was just a regional energy supplier. Ken Lay sold off $90 million worth of stock during this period. On the other hand, can you imagine a bizarro-world reality where instead of taking money from you, a stripper actually ended up saving you a bunch of money? Although Melanie Fewell's actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. Fastow -- who is still residing in his Southampton house while his new one is under construction -- bought one of the larger houses on his block, a red-brick structure with white trim and a second-floor balcony. (Creative Commons and flickr.com/people/eflon//Eflon), Mark Chediak, Greg Farrell and Naureen Malik, Kenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. One of the lucky few Enron executives to escape without criminal prosecution, Lou Pai has been referred to as the only guy whos ever been lucky to get divorced. Why was Lou Pai so lucky to get divorced? This early sell-off of Enron stock had the benefit of shielding Pai from the insider trading charges leveled against other Enron executives who had also secretly sold off large amounts of stock before the company's ruinous finances were publicly known. As the companyunraveled, it was forced to write off more than $1 billion of failed investments, disclosemajor losses in shareholder equity because of dealings with affiliated partnerships andrestate years of earnings. As part of the settlement, Pai was also barred from serving as an officer or director of a public company for five years. During his Enron career, Skilling put Pai in charge of multiple Enron subsidiaries. Skilling's house is decorated in a sleek, black-and-white theme, in homage to Enron's corporate colors. "They are pretty much in keeping with what a top executive would have.". He might indeed be one of the few men who have ever lucky to be served divorce papers. She is the elder child of her parents. Mark declined to comment further when reached by phone. By November 28, 2001, Enron's share price dropped all the way down to $1. In the year 1987, he joined Enron when it was just a regional energy supplier. 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